From AragoWiki

This project is not ready for prime-time but feel free to poke around.

A very vague description: Arago Project is an overlay for OpenEmbedded/Angstrom, which targets TI platforms OMAP3 (EVM and BeagleBoard) and DaVinci (6446, 355, 6467...) and provides a verified, tested and supported subset of packages, built with a free and open toolchain (CodeSourcery Lite for now).